Payroll Management

Ineffective payroll management and shoddy payroll systems can result in personal liability (including JAIL TIME) for non-compliance.

Business Management Daily helps our readers with information on payroll processing and tips on timesheets that will help you to implement payroll programs that pay off.

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The most common and costliest wage-and-hour mistakes made by employers involve failure to correctly adhere to overtime pay requirements under the FLSA.  Among the common mistakes: paying time-and-a-half for weekends and holidays; calculating overtime on a pay period basis instead of the workweek; and failure to pay overtime when employees weren't authorized to work the additional hours.
Credit-reduction states are listed on Schedule A of the 2011 Form 940. If you do business in one of those 20 states, and you receive a balance-due notice from the IRS, don’t despair.
Payroll expense is a usually a company’s largest deductible expense. That’s a huge impact on the bottom line. But there’s a world of difference between payroll and corporate taxes, according to consultant Gretchen Inouye, CPP.

Q. Can a Texas employer require employees to accept payment of wages through an electronic transfer of funds?

Payroll isn’t an easy subject to master, so it’s a safe bet that employees in your company don’t have a clue about what goes on in your office. That makes explaining key payroll changes to employees difficult. Tips from two payroll managers at large organizations:

Q: If an employer underwithheld income taxes by not using an employee’s W-4 form properly, and the employee is assessed interest and penalties when he files his 1040, can he hold the employer responsible for the interest and penalties, or even the underwithholding?

Question: Our company contracts with an employee who quit and started his own business. We know he had a child support withholding order in place and that the order remains in effect. Must we continue to withhold child support?

August is a slog. Forget the heat and humidity by organizing your Payroll tasks for the next four months.

Payroll usually doesn’t withhold income and FICA taxes from employees who receive restricted stock until the restriction lapses and the stock vests. Under Section 83(b), however, employees can opt to have taxes withheld currently, long before the restriction lapses. The IRS has now provided sample language for an 83(b) election.

Employees who get married but forget to update their Social Security cards with their married names will lose out, because the Social Security Administration won’t be able to credit their earnings to their benefits accounts. Remind newlyweds to get replacement Social Security cards showing their new names.
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